My husband and I are looking for a home, however so many people that we have been speaking to keep telling us to hold off because the maket is going to keep gibng down. I don't know what to think...
that's what DH and I are doing, sitting tight. that's what our Accountant told us to do.
Posted by debnkeith
My husband and I are looking for a home, however so many people that we have been speaking to keep telling us to hold off because the maket is going to keep gibng down. I don't know what to think...
thanks for posting that, good info!!
Posted by expectingjoy
I don't know if the home prices are going to drop, but I think there is a definite disconnect in the market between buyers and sellers. I think sellers don't want to hear that their best time to sell was last year and that they missed out on their hot time so they are adding on to what 2004 prices sold for and throwing their home on the market for some astronomical price. As a result, you can see houses on the market for a lot more money than they should be worth. Also, there are the sellers who are just floating their home on the market and have no intention of selling unless they get their wild price. They are ruining the market by taking advantage of it and treating it like they would the stock market.
But my broker told us not to buy right now. She said, as a broker, it is impossible for them to adequately price something right now and they could be very off. It is up to the buyer to determine what he/she thinks is 'worth it'. Also, she said she feels that agents are pressured by the seller to put the home on for more than what it is worth. Now more than ever, if a seller interviews 4 possible listing agents, he/she is going to go with whomever thinks the home can go for more. So it is a competition of who comes up with the higher price. Totally upsetting!
Her advice: Wait.
I think housing prices will drop as well. no one can afford a starter home, so everyone I know is moving. I dont know any first time homebuyers that bought a house on LI - eveyone is buying in places like NC, VA and FL.
I posted this on another thread here.... DH and I have been watching prices drop. 5 or 6 properties that we saw in person have dropped anywhere from $20K-10K. percentage wise it's not much of a drop (not even 5%), but a drop non the less!
Posted by Meaghan729
I think housing prices will drop as well. no one can afford a starter home, so everyone I know is moving. I dont know any first time homebuyers that bought a house on LI - eveyone is buying in places like NC, VA and FL.
Definitely it is going to drop. I would suggest to anyone that is looking to purchase a home just wait a bit and continue to save like crazy so when the time is right to purchase your home you will be more than prepared without alot of stress.
Posted by dleenyI posted this on another thread here.... DH and I have been watching prices drop. 5 or 6 properties that we saw in person have dropped anywhere from $20K-10K. percentage wise it's not much of a drop (not even 5%), but a drop non the less!
Posted by Meaghan729
I think housing prices will drop as well. no one can afford a starter home, so everyone I know is moving. I dont know any first time homebuyers that bought a house on LI - eveyone is buying in places like NC, VA and FL.
I feel like LI is going to become so diverse in the sense that the people that own for awhile make much less and then the people that are buying must be making a heck of a lot more to support a lifestyle on L.I.
we've already seen houses come down almost 5%.... so I would guess-timate that the 6% they're talking about is very optimistic. I say prices will go down more.
Posted by amy0405
Taken from an article on the homepage of AOL:
Nassau/Suffolk, N.Y. Otherwise known as Long Island, this market is No. 2 in the country on real estate consultant John Burns' list of locations facing a potential housing bubble. (Modesto, Calif., has the top spot.) Similarly, Fortune predicts a loss of about 6 percent in housing values over the next two years.
But, no one really has a magic 8 ball to say for sure....
the rates have gone up quite a bit, and they will keep going up. which means that houses prices have to come down. according to history anyway. something has to give. sellers can't expect buyers to pay last years market prices on real estate in addition to higher mortgage rates.
Posted by Preshy7
the only thing i have seen is interest rates going UP
i think if you are ready to buy, buy. if you arent dont. if you see a wonderful house that you can afford then buy it.
We just bought our house & we saw alot of house in the town we bought. Some of them have come down & others haven't. The ones that have come down I wouldn't have bought anyway. I think that we paid a fair value for our house in 'this market'. We felt that even if the houses come down in price they won't come down all that much--the ones that do are just WAY overpriced to begin with because people feel that they could have gotten that for their house a year or two ago. Unfortunately for them the market did drop. The good houses though people are getting their price, especially if it is a good neighborhood & school district because those prices are really never going to drop all that much. Also the rates are going up every day & we felt that the longer we waited for the prices to go down the more we would pay in interest on our mortgage. In the end I think it all evens out or worse you might pay more in interest then you saved on waiting fo rthe prices to come down, because they aren't predicting them to come down all that much. Also most of the houses we looked at need alot of work so if you put the money into them they will go up in value.
Posted by csorisi
We just bought our house & we saw alot of house in the town we bought. Some of them have come down & others haven't. The ones that have come down I wouldn't have bought anyway. I think that we paid a fair value for our house in 'this market'. We felt that even if the houses come down in price they won't come down all that much--the ones that do are just WAY overpriced to begin with because people feel that they could have gotten that for their house a year or two ago. Unfortunately for them the market did drop. The good houses though people are getting their price, especially if it is a good neighborhood & school district because those prices are really never going to drop all that much. Also the rates are going up every day & we felt that the longer we waited for the prices to go down the more we would pay in interest on our mortgage. In the end I think it all evens out or worse you might pay more in interest then you saved on waiting fo rthe prices to come down, because they aren't predicting them to come down all that much. Also most of the houses we looked at need alot of work so if you put the money into them they will go up in value.
